House of Training
The fund industry related training program offered jointly by House of Training and the ALFI is managed under the responsibility of the Professional Training Committee: more than 65 modules in total, leading to certification for a range of career paths. Courses cover topics such as fund industry basics, fund accounting, transfer agency, depositary bank, legal environment and social life, compliance matters, real estate, private equity or hedge funds.
In 2015, the fund industry continued to undergo significant changes resulting from regulatory changes, among which the continuous implementation of the Alternative Investment Fund Manager Directive (“AIFMD”) and the preparation for the upcoming UCITS V transposition. The overall strategy remained constant, building training offers for key areas for the Luxembourg Fund Industry (legal, management company/AIFMD, oversight functions, etc.), to ensure the relevance of the modules, to source the very best trainers to teach the courses and to deliver them at highly attractive prices. Five new modules were launched in 2015, in the areas of private equity and of international fund registrations. Other modules were restructured during the year, notably as regard depositary bank duties and responsibilities, ahead of the UCITS V implementation.
The results are once again positive in 2015 with subscriptions at 1,233, excluding courses delivered at clients’ premises. The demand for Real Estate and Private Equity related courses remained high, representing over 50% the total annual subscriptions. In line with industry needs, training modules relating to AML/KYC and Compliance have attracted noteworthy interest in 2015. Overall, trainings are rated extremely well, with an average of 4.57 out of 5, which is extremely satisfactory for the trainers.
Looking ahead to 2016, there will be delivery of further new modules and the level of ongoing maintenance will remain high. Some certifications will undergo in-depth review to ensure consistency of quality of training material across the board. This is notably the case of Private Equity and Real Estate modules. The recent reorganization of the Professional Training Committee, with the strengthening of its expertise in Real Estate, Private Equity and Hedge Funds together with the furthering of its Compliance expertise will ensure optimal follow-up of the quality of training materials and of delivery to the industry.